Cassava Sciences Inc.’s stock tumbled 85% Monday to put it on track for its biggest-ever one-day decline, after the clinical-stage biotech company said a trial of a treatment for mild to moderate Alzheimer’s disease failed to meet its main goals.

Cassava Sciences Inc. (NASDAQ:SAVA) stock plunged Monday after the company released topline data from the Phase 3 ReThink-ALZ study of simufilam in mild-to-moderate Alzheimer’s disease. The trial did not meet the pre-specified co-primary,

Cassava Sciences stock collapsed after an Alzheimer’s drug the company was testing failed to significantly help participants in a clinical trial. The stock plummeted 84% to $4.15 Monday after reporting that a Phase 3 trial meant to demonstrate the efficacy of a medication called Simufilam fell short of key milestones.